Investment Servicing
skip to content
Investment Services and Support

Tax Transparent Fund Solutions

We help asset managers and owners apply fiscal transparency in line with global tax policy to regulated investment products to achieve lower withholding tax costs compared to traditional, tax-opaque investment products.

End-to-End Services

Tax transparent funds (TTFs) have grown into a key regulated product for pension funds, foundations and other tax-exempt investor types across the European market and beyond. With the asset pooling technology in our core accounting and custody platforms, we support the design, launch and administration of more than $125 billion* in TTFs across five European domiciles. Our dedicated tax professionals are focused on delivery and product development to help you streamline your operating model and achieve economies of scale. In Ireland, we’re proud to be the leading service provider by assets under administration for Irish Common Contractual Funds.**

For investors sensitive to foreign withholding taxes incurred from portfolio investments, TTFs are increasingly popular. Their potential withholding tax impact on investment returns increases efficiencies, broadens distribution and promotes the establishment of bespoke funds.

The chart below illustrates the withholding tax savings that may arise from the use of these structures.

The chart above is based on the MSCI World index, comparing investment via a traditional Undertakings for Collective Investment in Transferable Securities (UCITS) corporate fund vehicle to a direct investment by institutional investors and to an investment via a UCITS TTF.

A Partnership Approach

With more than 15 years’ experience servicing TTFs, we take care of your administrative requirements while you stay focused on asset allocation and distribution strategies. Through tax research, market analysis and focus on end-user needs for product evolution, we provide certainty, transparency and scalability to support your current and future needs.

Our servicing model is based on four pillars to help broaden distribution and asset strategies for your TTFs:

Tax expertise from our global professionals who closely follow tax developments, work with public stakeholders to advance TTF products and share valuable insights to quickly avail you of opportunities in the global and domestic tax environments


Streamlined operating model that simplifies the collection of investor-level tax documentation, including timely creation and processing of reclaims, and supports data consistency for better decision-making


Unified, global platform that uses core pooling technology to administer the full breadth of tax-transparent fund structures for a comprehensive service offering that can adapt as regulations evolve


Flexible servicing with the support of our global custody network to efficiently manage your withholding taxes, avail you of arising opportunities, and deliver granular and transparent reporting that meets internal or local fiduciary, governance or trustee requirements


*As at 31 December, 2020
**Monterey Insights, Fund Ireland Report, 28 February 2021